MORTGAGORS LIABLE.

Taranaki Herald, Volume LIV, Issue 13480, 20 July 1907, Page 5

MORTGAGORS LIABLE.

For the purposes of the graduated lan-1 tax no deduction *roni the itttimpioved value of the land shall be allowed in respect of any mortgage or other charge to which the said land is subject, or in respect of any unpaid purchase money ; and a' mortgagor shall be liable for the tax as-lf he were the legal owner of an unencumbered estate. No mortgagee or other person owning any legal or equitable estate or interest , in any land by way of security for moriey N shall be liable to pay jp-adiiated land tax in respect of that mortgage or other estate or interest. , Notwithstanding anything in this section, any mortgagee in possession of land or any other person who is in possession of land by way of security for money shall be liable, so long as such possession continues, for graduated land tax in the same manner as if he were the owner of a leasehold estate.